San Francisco-based Reddit is laying off 90 employees, or about 5% of its workforce, as the company faces a challenging economic environment.
The layoffs come as Reddit is also slowing its hiring plans for the rest of the year. The company had previously planned to hire 300 new employees, but will now only hire 100.
In an email to employees, Reddit CEO Steve Huffman said the layoffs were necessary to help the company “break even next year” and “invest in our long-term growth.”
Huffman also said that Reddit is “making some changes to how we work” in order to become more efficient. These changes include reducing the number of meetings and streamlining the company’s decision-making process.
Reddit is not the only tech company that has announced layoffs in recent months. Other companies that have cut jobs include Meta, Twitter, and Netflix.
The layoffs in the tech industry are a sign of the broader economic slowdown. The Federal Reserve is raising interest rates in an effort to combat inflation, and this is slowing economic growth.
As a result, many businesses are cutting costs, including by laying off employees.
The layoffs at Reddit are a setback for the company, but they are not necessarily a sign that the company is in trouble. Reddit is still a popular social media platform with over 500 million monthly active users.
Reddit is a social media platform that allows users to create and share content in the form of subreddits, which are forums dedicated to specific topics. The company was founded in 2005 and has over 500 million monthly active users.
Reddit has been profitable in the past, but it has struggled to turn a profit in recent years. The company has been investing heavily in new features and products, and it has also been facing increased competition from other social media platforms, such as Facebook and Twitter.
The layoffs are a sign that Reddit is facing some challenges as a business. However, the company still has a large and engaged user base, and it has a strong brand. It is possible that Reddit will be able to turn a profit in the future, but it will need to make some changes in order to do so.